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China to allocate $495 mln to Hainan's free trade port development

Morerover, the authorities plan to use the funding to effectively prevent the spread of the novel coronavirus

Atlantis resort in Sanya, south China's Hainan Province Xinhua/Zhang Liyun

Atlantis resort in Sanya, south China's Hainan Province

© Xinhua/Zhang Liyun

HAIKOU, June 24. /TASS/. The Chinese government will allocate 3.5 billion yuan (about $ 495 million) from state budget to boost the development of Hainan's free trade port, reported www.chinanews.com.

According to the website, the decision was made the other day by the Chinese State Committee for Development and Reform. The allocated funds will be directed to the implementation of long-term projects, including the creation of tourism infrastructure. Morerover, the authorities plan to use the funding to effectively prevent the spread of the novel coronavirus.

Earlier, the Central Committee of the Communist Party of China and the Сhinese State Council published the “General Program for the Establishment of a Free Port on Hainan,” according to which the island’s administration intends to create an effective system to fulfill a number of important social and economic goals by 2025, and within 10 years to decisively enhance the innovative mechanisms for the region's development.

In April 2018, President Xi Jinping said that the Chinese authorities intend to actively involve Hainan in globalization and to draw foreign investors to the island province. By 2050, according to the authorities, the island should become a unique international cluster with an advanced economy, developed tourism, top-notch scientific, technical and financial potential, and modern medicine. The branches of the best universities and offices of the most powerful corporations in the world will be located on the Island of Hainan.

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